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Press Release

Fannie Mae Enhances HomeReady Mortgage to Expand Access to Credit for Eligible Borrowers

July 26, 2016

Callie Dosberg


WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced enhancements to HomeReady®, the affordable mortgage option designed to meet the diverse needs of today’s borrowers. HomeReady allows borrowers to provide as little as 3 percent down, and was the first affordable lending option to offer creditworthy borrowers the ability to qualify with income from non-borrower household members. HomeReady continues to evolve with enhancements that expand access to credit responsibly and promote successful homeownership.

New enhancements offer:

  • Simplified income eligibility – We raised income limits to 100 percent of area median income in all areas, except low income market tracts that have no limit, making it easier for lenders to determine eligibility for HomeReady and helping more homebuyers take advantage of this affordable mortgage option.
  • More support for sustainable homeownership – In addition to the popular online course offered by Fannie Mae’s partner Framework, Fannie Mae will accept one-on-one pre-purchase advising from HUD-approved providers to meet HomeReady’s homeownership education requirement. In the coming months, Fannie Mae will offer lenders a $500 credit to encourage borrowers to take advantage of this new personalized support option. Together, these options will help more borrowers succeed in sustainable long-term homeownership with HomeReady.
  • Market-driven features – More than 700 Fannie Mae lenders have already adopted the HomeReady mortgage, helping thousands of families become homeowners. HomeReady features continue to evolve to incorporate feedback from lenders, making it a simpler, more effective product for the affordable and underserved market. For a complete list of enhancements, see Selling Guide Announcement SEL-2016-06.

For more information on HomeReady, visit To learn more about one homebuyer’s journey to owning a home through HomeReady, visit

Fannie Mae enables people to buy, refinance, or rent homes.

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